13 Sep 2024

CapitaLand Integrated Commercial Trust (CICT) has announced the acquisition of a 50% stake in Singapore's iconic ION Orchard mall for SGD1.85 billion. This deal will give CICT full ownership of the entity holding the 50% interest in the mall, known for its mix of luxury and essential brands. The acquisition also includes a 50% stake in ION Orchard Link, an underground retail link. The move is expected to strengthen CICT's luxury retail presence and be DPU accretive. To finance the acquisition, CICT plans to raise around SGD1.1 billion through equity fundraising, with completion expected by Q4 2024.Read more

13 Sep 2024

British homebuilder Vistry announced a GBP 130 million (USD 171 million) share buyback last week, following a 7% increase in half-year earnings driven by strong demand for affordable homes. The Bank of England's August rate cut, its first in over four years, could offer relief to builders and homebuyers, with the new Labour government's planning reforms improving sector sentiment. Vistry, which earns a significant portion of its revenue from partnerships with local authorities and government bodies, has now returned GBP 285 million of its GBP 1 billion capital return target to shareholders over three years. Its adjusted pre-tax profit for the six months to 30 June rose to GBP 186.2 million from GBP 174 million.Read more

12 Sep 2024

China Index Academy revealed that new home prices in the country are growing at a slow pace. The data noted that new home prices across 100 cities dropped from 0.13% in July to 0.11% in August. In 2021, the Chinese government enforced strict regulations to reduce debt levels among developers that caused a liquidity crisis. This has also led to many developers defaulting and halting construction activities. The property researcher said that the market will see some improvement with further implementation and effectiveness of supportive policies.Read more

12 Sep 2024

Singapore has lowered the loan-to-value (LTV) limit for public housing loans from 80% to 75%, aiming to cool the overheated resale market. Resale home prices have risen over 4% this year due to high demand and limited supply. To offset the impact on first-time buyers, the government increased the maximum housing grant from SGD 80,000 to SGD 120,000. Over 80% of Singaporeans live in public housing, so affordability is a key concern. The measures seek to balance housing affordability and demand management in the resale market, where the median 3-bedroom flat price is around SGD 500,000 in the central area.Read more

12 Sep 2024

Adani Enterprises has established a wholly-owned subsidiary in Kenya, Airports Infrastructure PLC (AIP), as part of its bid to acquire Jomo Kenyatta International Airport in Nairobi. Owned by Abu Dhabi-based Global Airports Operator LLC, AIP will handle all aspects of airport management. Although the exact investment amount is undisclosed, sources suggest it could reach up to USD 810 million if due diligence is successful. This would mark the Adani Group's first international airport venture. The company plans to invest USD 100 billion over the next decade, with USD 21 billion for airports, and aims to surpass INR 1 trillion in EBITDA this financial year.Read more

11 Sep 2024

Aldar Properties has unveiled Yas Riva, an exclusive villa community on Yas Island, offering canal-front and canal-accessible homes. The development blends sleek, modern architecture with serene waterfront living. Canal-front villas feature private docks, while inland homes offer contemporary design and access to landscaped parks and gardens. Yas Riva provides an array of amenities, including a health-and-wellness centre, outdoor recreation areas, and customisable outdoor pods. Located near Yas Island's premier attractions, the community underscores its commitment to sustainability. It aims for prestigious Estidama and Fitwel ratings through eco-friendly construction practices, epitomising both luxury and responsible living.Read more

11 Sep 2024

China is planning a phased reduction of interest rates on USD 5.3 trillion worth of mortgages to ease financial pressure on households and bolster the economy. Regulators propose cutting mortgage rates by around 80 basis points in two stages, starting soon and continuing into next year. The move aims to stabilise the housing market while protecting banks, which are already facing profit margin declines. Analysts predict the cuts could boost consumer spending, with households potentially saving up to 300 billion yuan annually. However, banks, especially state-run lenders, may experience further margin contraction due to the rate reductions.Read more

11 Sep 2024

A recent Federal Reserve paper suggests a likely decrease in housing inflation over the next year, a development seen as beneficial for the US economy. Published on September 3 by the Federal Reserve Bank of San Francisco, the research highlights factors such as increased housing supply and potential monetary policy adjustments that could ease inflationary pressures. The anticipated decline in housing costs may boost consumer spending and economic growth, while offering the Fed greater flexibility in monetary policy. Stakeholders in the property and finance sectors will need to adapt their strategies to align with these evolving economic conditions.Read more

11 Sep 2024

Blackstone has agreed to purchase an 80% stake in a €1,1 billion (£950 million) European warehouse portfolio from Burstone, a Johannesburg-listed company formerly known as Investec's property fund. The portfolio includes properties in Germany, France, and the Netherlands. Burstone will receive €250 million in cash from the sale, which will fund its business expansion, and retain a 20% stake while its European team continues managing the portfolio. This acquisition aligns with Blackstone's strategy of investing in the warehouse sector, highlighted by its recent recapitalisation of Mile way, a last-mile logistics firm. The warehouse sector continues to thrive amid the e-commerce boom.Read more

10 Sep 2024

The UNDP is advancing sustainable housing in Colombia using WASP's Crane WASP, a large-format 3D printer that constructs buildings from natural materials like local dirt and agricultural waste. This versatile, mobile printer is ideal for challenging terrains and addressing housing shortages in rural areas such as forests, deserts, and mountains. With 3.7 million Colombian households facing a housing deficit, this technology offers a sustainable solution by eliminating the need for concrete and reducing energy consumption. The collaboration showcases innovative approaches to global challenges, potentially serving as a model for sustainable development in other regions.Read more